Elon Musk hints at crypto plans at first Twitter meeting

Main conclusions

  • Elon Musk held a meeting with Twitter officials today to discuss plans for the social network following its acquisition.
  • Specifically, he discussed plans on adding cryptocurrency payments and plans to eliminate cryptocurrency scams.
  • The purchase hasn’t been finalized, but Twitter is providing Musk with data that will help the deal move forward.

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Elon Musk held his first full meeting with Twitter employees on Thursday. There, he discussed his plans for cryptocurrency and other changes following his planned takeover of the social network.

Musk may add crypto payments

During the meeting, Musk confirmed that cryptocurrency payments are a feature that can be added to Twitter.

Musk said that “it would make sense to integrate payments into Twitter so that it is easy to send money back and forth” and that such plans could involve “currency and cryptocurrency.”

While Twitter added Bitcoin tips under former CEO Jack Dorsey in 2021, Musk’s view appears to be more comprehensive. Musk said it would “maximize the service’s usefulness” by making “Twitter so compelling, you can’t live without it.” He called payments one of three critical areas alongside news and entertainment.

Musk also noted that “money is fundamentally digital at this point and has been for a while” and drew comparisons to PayPal.

Earlier, Musk hinted at cryptocurrency payments on Twitter, but did not describe a full plan. Your first statements just read: “Maybe even an option to pay in Doge[coin]?”

Musk also plans to eliminate scams

Outside of cryptocurrency payments, Musk also noted that he intends to weed out cryptocurrency scams on the social network.

“There [are] a lot of cryptocurrency scams on Twitter,” Musk said. “It has improved, but there is still some of it.”

Musk then expanded on the plans that were described earlier. He intends to make Twitter’s anti-bot algorithms open to public review. Additionally, he plans to add an optional paid-tier service that individuals can use to prove their authenticity.

Musk’s high status has made him a frequent target of impersonation by Twitter scammers. In addition to having his image used in regular phishing attempts, Musk was also one of the high-profile Twitter accounts hacked in a massive cryptocurrency-related scam in 2020.

This attack resulted in just $118,000 being stolen, but saw over 130 accounts attacked – with severe implications for the integrity of Twitter.

Changpeng Zhao expresses support

Changpeng Zhao, CEO of major cryptocurrency exchange Binance, also reiterated support for the Musk takeover on Twitter.

Today, he provided an update on those plans in an interview with Bloomberg. There, Zhao said his company is following Musk’s lead in moving forward with the offer. “If Elon lives up to the deal we’re committed to… if he doesn’t, we’re out.”

He added that if the purchase of Musk on Twitter is unsuccessful, Binance would be “a little [disappointed].” He concluded, “We hope we can contribute to Twitter in some way.”

In May, it was reported that Binance planned to provide $500 million to Musk to support the purchase of Twitter.

The state of the business is still uncertain

Despite the fact that Musk and Twitter have apparently confirmed the purchase several times, the deal has yet to be finalized.

The purchase was halted in May when Musk demanded data to determine how much activity on Twitter is legitimate. At that time, he suggested that he would commit to the deal only if less than 5% of Twitter accounts were found to be fake.

On June 8, the Washington Post reported that Twitter would comply with Musk’s demands and provide him with a “fire hose” of data. This suggests that the deal will move forward soon.

It is unclear whether there will be further impediments to the deal. The value of the sale is estimated at US$ 44 billion.

Disclosure: At the time of writing, the author of this article owned BTC, ETH and other cryptocurrencies.

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